Types of agreements & stamp duty in redevelopment process

Querist : Anonymous (Querist) 23 December 2011 This query is : Resolved
Our CHS has selected a developer and he has requested
the society to enter into agreement/Mou.The appointed society lawyer has not been shown the agreement and committee members r favoring developer.I had made some research and found out the Development Agreement & Permanent Alternative Agreement (general idea)Therefore need to know

What is difference between Development Agreement & Permanent Alternative Agreement in redevelopment process?

Are both agreements necessary ?

Who are parties to these Agreement & at what stage(s) they should be executed?

Are these agreements subject to stamp duty & who bears the same?

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Sailesh Kumar Shah (Expert) 23 December 2011
It would be better, if state your query specifically. I shall help you.

ajay sethi (Expert) 23 December 2011
developmentagreement is when a builder agrees to redevelop the property after obtaining consent of the owners .

the parties to development agreement would be builder and owner of the property ie beingg redeveloped .

the document has to be duly stamped and registered

prabhakar singh (Expert) 24 December 2011
Do'nt you have any facts to tell?????
Sorry!Then ,we do not teach law.

Querist : Anonymous (Querist) 24 December 2011
Permanent Alternative Agreement --
When immovable property in terms of new houses in the new building is provided by the builder to the existing member as per the Development Agreement, a separate agreement known as ‘Permanent Alternative Agreement’ needs to be executed, stamp duty as per Bombay Stamp Act, 1958 has to be paid and also registered

In case the agreement for Permanent Alternative Accommodation is not executed between the builder and the existing members, the members will not have title document, they will not be able to sell the flats in future nor can they mortgage and raise the loan

It is compulsory that you should get the agreement executed for the new flat with the builder

(This I found from newspaper)

Querist : Anonymous (Querist) 24 December 2011
Thanks all

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